""Hope LoanPort"":https://www.hopeloanportal.org/ (HLP)announced the launch of the ""Bank of America"":https://www.bankofamerica.com/-sponsored Servicer Portal 2.0 (Portal).
[IMAGE]The Portal is for mortgage servicers and functions as a platform for secure submissions and to process foreclosure alternatives.
The Portal contains features that reflect servicing requirements set forth by the national mortgage settlement.
[COLUMN_BREAK]The Portal addresses inherent issues that stem from the receipt of applications through decentralized channels such as fax, mail, and email. According to HLP, such formats can lead to lost documents and uncertain hand-offs, which leads to decision delays.
Through the Portal's workflow tools, HLP stated cases are processed with real-time communication, regular status updates, and safe and secure electronic document storage.
BofA uses HLP as its main platform when receiving and processing foreclosure alternative applications submitted by third parties such as nonprofit housing counselors and attorneys.
""We applaud Bank of America's sponsoring of this enhancement,"" said Cam Melchiorre, president and CEO of HLP. ""Their dedication and involvement ensured that we created a servicing portal which will become the model for the industry.""
Based in Washington D.C., HLP is a neutral, nonprofit e-commerce platform that serves to bring efficiency, consistency, and transparency when processing foreclosure alternatives.